NYSE$DX

Dynex Capital Inc · Q4 2021 earnings

Q4 2021 earnings · · Investor relations

Briefing

Reported fourth quarter and full year 2021 results.

Dynex Capital reported a comprehensive loss of $(0.04) per common share for the fourth quarter of 2021. Earnings available for distribution (EAD) to common shareholders was $0.45 per common share. The book value per common share was $17.99 as of December 31, 2021.

  • Comprehensive loss of $(0.04) per common share for the fourth quarter of 2021.
  • EAD to common shareholders of $0.45 per common share for the fourth quarter of 2021.
  • Dividends declared of $0.39 per common share for the fourth quarter of 2021.
  • Book value per common share of $17.99 as of December 31, 2021, a decline of $(0.43) per common share from September 30, 2021.

Headline financials

Total Revenue

$15.6M

Previous: $14.4M+8.3%
EPS (adj)

$0.45

Previous: $0.45+0.0%
Net Interest Spread

1.9%

No prior period
Economic Net Interest Spread

2.0%

No prior period
Net Income

$14.1M

Previous: $40.4M-65.2%
Operating Income

$14.1M

No prior period
Cash & Equivalents

$366M

Previous: $296M+23.8%
Total Assets

$3.69B

Previous: $3.09B+19.3%
Stock-Based Comp

$761K

Previous: $524K+45.2%

Revenue & EPS history

Dynex Capital · Revenue · Quarterly

$15.6M

Q4 2021+8.3%vs Q4 2020
Beat estimate in 6 of 16 quarters(38%)
ActualEstimate

Forward guidance

The company believes it is on the cusp of a significant investment opportunity as the Federal Reserve has indicated its readiness to step away from the market and is optimistic about its ability to continue building solid cash flow for its shareholders as the market evolves.

Tailwinds

  • Company has the liquidity to take advantage of market opportunities.
  • Company has the flexibility to take advantage of market opportunities.
  • Company has the experience to take advantage of market opportunities.
  • Company will remain patient.
  • Company will remain disciplined.

Headwinds

  • Volatility and disruption in national and international financial markets.
  • Adverse effects of the ongoing novel coronavirus (COVID-19) pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events.
  • Ability to find suitable investment opportunities.
  • Changes in economic conditions, including an increased rate of inflation.
  • Changes in interest rates and interest rate spreads, including the repricing of interest-earning assets and interest-bearing liabilities.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2021

Historical avgQ4 2021

-0.6%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+0.3%

Avg return

30 days after

41%

27 / 66 earnings

Positive

+13.5%

Q1 2022

Best reaction

-10.4%

Q2 2015

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.7%+1.1%-5.5%
Q4 2025+0.0%-5.1%-4.5%
Q3 2025+0.2%+0.1%+0.2%
Q2 2025-0.5%-1.1%-0.8%
Q1 2025-1.8%+4.8%+3.1%
Q4 2024+1.2%+5.1%+10.5%
Q3 2024-1.3%-1.7%-1.7%
Q2 2024+1.0%-1.0%+0.3%
Q1 2024+1.0%+1.8%+5.0%
Q4 2023-1.5%-2.8%-4.3%
Q3 2023-4.7%-10.0%+6.8%
Q2 2023+5.9%+5.6%-1.4%
Q1 2023-1.0%+0.5%-8.3%
Q4 2022-3.8%-2.4%-13.8%
Q3 2022-2.1%+3.2%+11.0%
Q2 2022-0.5%+1.9%-4.4%
Q1 2022+13.5%+13.7%+12.9%
Q4 2021+0.8%+3.6%-3.5%
Q3 2021-1.5%-0.2%-3.3%
Q2 2021+2.0%-0.2%+1.8%
Q1 2021+2.9%+3.2%-0.1%
Q4 2020+3.6%-2.3%+2.0%
Q3 2020+5.2%+4.4%+12.0%
Q2 2020+1.0%-0.1%+4.6%
Q1 2020-3.2%-6.7%+6.6%
Q4 2019+5.1%+5.9%-2.4%
Q3 2019+5.6%+3.7%+9.2%
Q2 2019-3.7%-6.3%-16.8%
Q1 2019-1.5%-2.0%-9.8%
Q4 2018-2.6%-1.6%-1.6%
Q3 2018+0.0%+1.0%+1.9%
Q2 2018-2.7%-3.9%-2.7%
Q1 2018-1.5%+0.6%-1.5%
Q4 2017-0.6%+1.8%+1.3%
Q3 2017+0.3%-1.1%+2.3%
Q2 2017+3.2%+2.9%+4.0%
Q1 2017-5.9%-6.0%-5.7%
Q4 2016+1.3%+1.5%+3.3%
Q3 2016-4.2%-2.6%-2.5%
Q2 2016+2.1%+4.5%+7.3%
Q1 2016-5.3%
Q4 2015+2.9%
Q3 2015+3.3%
Q2 2015-10.4%
Q1 2015-2.4%
Q4 2014-0.4%
Q3 2014+1.0%
Q2 2014-1.7%
Q1 2014-0.5%
Q4 2013-2.4%
Q3 2013-3.5%
Q2 2013-10.2%
Q1 2013-0.2%
Q1 2010+0.3%
Q4 2012-0.8%
Q3 2012-0.9%
Q2 2012+1.8%
Q4 2011+1.8%
Q1 2011+1.5%
Q1 2012+0.7%
Q3 2010-0.6%
Q3 2011-0.6%
Q2 2011-5.8%
Q4 2010-5.8%
Q4 2009-5.8%
Q2 2010-5.8%

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